Study shows employees want a trustworthy retirement plan

Sep 3, 2014

Companies have a lot of choices to make when setting up benefits and pay for employees. Chief among these concerns is which retirement plan to employ. Even a startup with a staff full of fresh-faced recent graduates needs to turn its attention decades into the future, and that means offering employees a retirement plan. However, with so many options to consider, selecting the right policy can be exhausting.

Trust matters most when it comes to retirement
According to a survey conducted by the National Association of Retirement Plan Participants, trustworthiness is the most important factor a plan provider can have in the eyes of employees. More than 800 respondents participated in the research, with many shedding some light on the important role that trust plays with regard to savings and retirement benefits.

Trustworthiness isn’t the only important factor. Although it came it at No. 1, it was closely followed by participant customer service and quality of the customer experience, as well as traits such as pricing, technology and administrative service. These respondents also reported wanting a provider that would be accountable throughout the relationship. They also would like to work with a company that understands and values the business.

Put employees’ minds at ease
You already know that having a quality, trustworthy retirement plan is important for attracting and retaining employees – so now what? You constantly need to be on the lookout for possible plans, but this can be extremely taxing, especially if you are tasked with handling HR duties for a growing company. Luckily, PEO companies are ready and willing to help you supply your staff with retirement savings they trust. Many of the solutions offered by these companies allow businesses the flexibility to design a plan, lower costs and enjoy a more hands-off role with regards to retirement, all while still satisfying the needs of employees.

The right PEO services can provide you with everything you need to give employees a high-quality retirement plan. For example, some plans cater to employees with features such as a call center and online resources. These qualities could be tremendously valuable for companies with workers who value easy access to their information and high-tech element that has been tailored to their business. Meanwhile, executives and those employees in control of HR services will also appreciate regular reviews and clear tax information that comes from partnering with a professional, accredited business.